Bitcoin price is at a pivotal moment, about to potentially confirm a break out into a new bull market. Yet for some reason, food-named tokens skyrocket, then fall to zero, and exchange CEOs are the target of chief financial regulators.
Terms like “HODL” are commonplace, an acronym for “hold on for dear life.” Those that have been through the sell at the first sign of trouble.
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But “old hands?” The not often as talked-about group of holders are selling right now, according to a top crypto fundamental expert, even though Bitcoin could be on the brink of its next bull run.
The question is then, why? These “old hands” aren’t weak, and have held a very long time. But are they really all that “strong” to be selling ahead of a rally that nearly everyone that has heard of Bitcoin is anticipating? However, that itself could be the answer.
Three Times During Recent Cycle "Old Hands" Sold | Source: BTCUSD on TradingView.com
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market, there wasn’t a precedence to go by in terms of the halving and its potential influence on price action.
The halving and the fact that prices still haven’t taken off like a rocket ship could be prompting these old-timers.
According to Willy Woo, who shared a glassnode chart referencing “
This cycle, however, “old hands” sold the bottom in 2018, again when Bitcoin broke down in September 2019, and again now.
But Woo could be wrong himself here about these old-timers getting the timing wrong. Aside from the anomaly at Bitcoin’s bottom, where they likely feared the worst, the 2019 selloff wasn’t too far off from the peak. And Woo was claiming then that Bitcoin would move sideways and reclaim $10,000, then never look back.
And if Bitcoin begins plummeting again here, they’ve only have gotten it wrong just once in the history of the cryptocurrency.
It is also worth pointing out, that according to the 90-day V-shaped bottom as July 2014. If this is where Bitcoin is instead, and these old-timers have it right, then the